Altman Joint Venture Secures $16 Million Construction Loan To Build Apex Logistics at Lakeland In Central Florida

Altman, a leading real estate development company, announced the successful closing of $16 million in construction debt financing for the upcoming development of Apex Logistics at Lakeland in Lakeland by a joint venture between Altman Logistics Properties (f/k/a BBX Logistics Properties) and FRP Development Corp.

Sitework on the new infill logistics warehouse development is expected to commence in the first quarter with plans to go vertical later this fall and a projected substantial completion slated for the first quarter 2026. Apex Logistics at Lakeland is expected to consist of approximately 202,000 square feet of Class A logistics space across 22.5 acres replacing a recently demolished single-story office building. 

The financing is being provided by Seacoast Bank. The JLL Capital Markets team of Melissa Rose, Michael DiCosimo, and Val McWilliams assisted with the financing on behalf of the joint venture.

“With financing now secured, we are excited to begin construction on our first Class A industrial development in Central Florida,” said Mark Levy, President of Altman Logistics Properties. “Apex Logistics at Lakeland reinforces our commitment of delivering state-of-the-art logistics developments in strategic locations that benefit the area’s surrounding population. Designed for flexibility, it will serve tenants seeking a centralized last-mile distribution hub along the I-4 Corridor.”

Situated in Polk County, Apex Logistics at Lakeland’s desirable location directly north of I-4 and south of State Road 33 offers both visibility and convenient access to major transportation arteries. With its prime location within 50 miles of both the Tampa Bay and Orlando metro areas, the development is poised to become a pivotal hub for logistics operations looking to conduct business in Central Florida.

“Our partnership with Altman continues to grow stronger with this latest milestone in Central Florida. We’re excited to keep working together to deliver high-quality industrial developments, like Apex Logistics at Lakeland, to the region and anticipate further opportunities for collaboration in the future,” said David H. deVilliers, III, President and COO of FRP Holdings, Inc.

Led by seasoned industry professionals with over 75 years of combined institutional industrial experience, Altman Logistics Properties was formed to develop distribution centers in proximity to urban areas, with a focus on highly supply-constrained submarkets with strong population growth and significant consumption.

Altman Logistics Properties offers a suite of services, including developing a variety of logistics facilities, including speculative and build-to-suit logistics developments, as well as repositioning obsolete assets. As part of this strategy, joint ventures sponsored by Altman Logistics Properties have acquired several underperforming commercial properties, including an aging office building and catering facility, for the development of logistics infill facilities that will be custom designed and built for last-mile tenants that will serve the surrounding population centers.

Another joint venture between Altman Logistics Properties and FRP Development Corp. is currently developing Apex Logistics Park at Signature Grand in South Florida, which is planned to consist of approximately 182,000 square feet of Class A logistics space on the 11.3-acre site formerly home to an events and catering space. Additionally, Altman recently celebrated a milestone in South Florida as vertical construction is nearly complete on the first phase of Apex Logistics Park at Delray, a new logistics warehouse development which is expected to consist of approximately 200,000 square feet of space in Delray Beach, with plans to build up to an additional 472,000 square feet for a total of three planned state-of-the-art industrial buildings.